DBD withdraws over 5,000 juristic persons from database

The Department of Business Development has withdrawn 5,106 companies from its database because a financial report was not submitted for three consecutive years. The government suggested that consumers and other businesses check the department database to check the status of the juristic persons they want to do business with. The department has updated its database to remove a large number of defunct juristic persons. The government is cracking down on corporations and juristic persons not making financial reports or paying taxes. Concerned about your tax status? Check with us.

Software Park Thailand has allocated a 280 million baht budget to assist tech startups by local entrepreneurs. Qualified startups can receive a free cash-equivalent voucher of 1 million baht along with assistance for business development. The government organization under the Science and Technology Ministry has already received 100 applications in the ten targeted S-Curve industries; next-generation cars; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemicals; digital; and medical services. Software Park Thailand is also offering loans to finance 70 percent of a research project that is being prepared for commercialization.

The Michelin Group and the Tourism Authority of Thailand are working to produce a Michelin Guide to Bangkok scheduled for launch at the end of 2017. The bilingual publication will make Thailand the second country in South East Asia and the sixth in Asia to have its own Michelin Guide. The guide will cover all budgets, tastes and appetites from restaurants to street food hawkers as the Michelin inspectors will evaluate Bangkok’s culinary scene. The Guide uses five criteria to evaluate a restaurant; product quality, preparation and flavors, chef's personality as revealed through the cuisine, value for money, and consistency over time. The new guide will be published in December 2017 in both print and digital editions.

Senior analysts at the Asian Development Bank forecast 3.5 percent growth for 2017 and 3.6 percent for 2018 due to improvements in exports, domestic consumption, agricultural commodity prices, and government spending on infrastructure. Overall the ADB is predicting 5.7 percent growth for the Asia Pacific region and further stability in 2018. However, the bank is paying close attention to possible changes to interest rates by the US Federal Reserve, which could affect global currency prices.

Work Permit

Any foreigner working in Thailand must obtain a Work Permit before beginning work. While a prospective employer may file an application on the foreigner’s behalf in advance of his starting work, the actual Work Permit will not be issued until the foreigner has entered Thailand in accordance with the immigration laws and has presented himself to receive his Work Permit.

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